Estimated read time: 1-2 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CHICAGO (AFX) -- Shares of Rupert Murdoch's News Corp. closed higher Thursday as the company stood out among a sea of declining names in the media and entertainment sector.
News stock rose 57 cents, or 3%, to close at $19.69, while the Class A issue rose 3.2% to $18.58. Investors reacted favorably to news that the company will boost its stock buyback to $6 billion from $3 billion.
Among other diversified entertainment giants, Viacom Inc. declined 1.7% to close at $38.89 following its report of first-quarter results.
The other standout gainer among entertainment-related companies Thursday was video-rental firm Movie Gallery Inc. , which saw its shares climb 51.3% to $4.78 after it said that first-quarter profit more than doubled, though revenue at stores it has owned at least a year declined 6.5% on ongoing weakness in the industry.
Rival Blockbuster Inc. rose 8.3% at $5.07 in conjunction with Movie Gallery.
Newspaper stocks were down on the session. Dow Jones & Co. , the parent of MarketWatch, fell 2.2% to $36.61. The company said Wednesday that April advertising revenue at the Wall Street Journal, including Weekend Edition, increased 8.3% in April on a 3.8% increase in advertising volume. At Barron's, total advertising revenue rose 6.9% on a 1.7% increase in advertising pages.
Other newspaper decliners included McClatchy Co. , Belo Corp. , New York Times Co. and Tribune Co.
Satellite-television service provider EchoStar Communications Corp. dropped 4% to close at $30.95 after it said that first-quarter profit fell, stung by costs from its legal fight with TiVo Inc. and the early redemption of debt.
Rival DirecTV advanced 1.3% to $17.65. This story was supplied by MarketWatch. For further information see
Copyright 2006 AFX News Limited. All Rights Reserved.
